The Editorial Team |

Trade Deficit Latest in String of Bad News Buffeting the Rand

JOHANNESBURG (Capital Markets in Africa) – The rand slumped to a three-week low against the dollar, leading emerging-market currency declines, as an unexpected monthly trade deficit added to a string of disappointing economic news making investors wary of South African assets. The currency of Africa’s most-industrialized economy declined 1.6 percent to 14.8307 per dollar by 4:18 p.m. in Johannesburg, heading for the weakest closing level since October 8. Yields on benchmark 2026 government bondsjumped nine basis points to…

Declaring Civil War Over, South Sudan President Says He’s Sorry

Posted on by The Editorial Team

SOUTH SUDAN (Capital Markets in Africa) – South Sudanese President Salva Kiir apologized to his people for a half-decade of civil war as the African nation’s main rebel leader echoed his commitment to a new peace deal. Insurgent chief Riek Machar temporarily returned to the capital on Wednesday to take part in peace celebrations — his first visit to Juba since being forced to flee more than two years ago. It comes as cease-fire violations and delays cast doubt…

Coffee, Trinkets on Offer as Rwanda Courts Alibaba for China

Posted on by The Editorial Team

KIGALI (Capital Markets in Africa) – Rwandan traders will soon offer products including coffee and handicrafts on Alibaba Group Holding Ltd.’s platform as the East African nation targets the Chinese market. Alibaba signed three agreements with Rwanda on Wednesday that include helping Chinese tourists travel to the nation known for its endangered mountain gorillas. The country that also supplies Starbucks Corp. with some specialty coffee is now looking east to expand its market, according to the…

South Africa’s Steepest Yield Curve on Record Flags Fiscal Risks

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s yield curve has steepened to a record as investors protect themselves against a riskier fiscal outlook. The government said its finances were deteriorating last week, driving the premium on 20-year yields over two-year securities to more than 365 basis points on Wednesday, the most since Bloomberg started compiling the data in 2003. Longer-dated bonds will remain undervalued, according to Standard Bank Group Ltd. “While we still expect the yield…

How Cryptocurrency Can Help Communities Where Cash Is Scarce

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – In emerging markets, the shallow reach of traditional money systems means there’s less resistance to new financial technology. At the Sifa Children’s Center, shacks made of corrugated metal serve as classrooms for some 300 pupils, circling an expanse of dusty, hard-packed earth that’s both playground and meeting space. Beyond the school stretches Gatina, one of the poorest neighborhoods in Kenya’s capital of Nairobi. Headmaster Francis Wanjala is standing in…

Turkey Goes Looking for Energy in Contested Mediterranean

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Turkey’s first deep-sea drilling ship, flanked by Turkish war vessels, set sail Tuesday looking for natural gas and oil in contested waters of the Mediterranean, a launch liable to exacerbate longstanding tensions with Greece. The Fatih, named after the conqueror of Constantinople, or modern-day Istanbul, will operate some 60 nautical miles off the Turkish coast in or around the disputed area. The Eastern Mediterranean has become a gas hot…

Existential Crisis’ for Gold Miners to Spur Deals, CEO Says

Posted on by The Editorial Team

JOHANNEBURG (Capital Markets in Africa) – The global gold industry is ripe for consolidation as it’s facing a crisis because of dwindling reserves, according to David Garofalo, head of Goldcorp Inc., who flagged the potential for more deals little more than a month after Barrick Gold Corp.’s merger with Randgold Resources Ltd. “Right now, as an industry, we’re facing an existential crisis because reserves are declining and have declined rapidly,” Garofalo said in a Bloomberg TV interview…

« 1 … 428 429 430 431 432 … 1,077 »